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The United Kingdom-based payment app is adopting cryptocurrency.

The United Kingdom-based payment app is adopting cryptocurrency.

Breakneck wallet executive is warning that the speed of Crypto adoption may result in whiplash. Though Crypto adoption is booming in 2021, we do not know how long the celebrity-fueled hype train lasts.

James Bay

James Bay, the director of STICPAY, warns that the trend continuity could depend on the actions of the Bitcoin evangelists like Elon Musk. He also said that more cryptocurrencies were gaining reputations as a potential source of value, but Bitcoin was still at the forefront.

Raise in Crypto deposits

This mobile payment app reported a 48% increase in the Crypto deposit during the first quarter of the year, whereas the Fiat deposits remained static. Bitcoin is the choice of currency for most of STICPAY’s e-wallet users.

Deposits Eclipsing

In addition, the Bitcoin deposits are eclipsing deposits of Ether, Tether, and Litecoin 38 times over. Moreover, the firm reported a 185% increase in the number of users converting Fiat to Crypto through the wallet’s built-in currency converter when compared to the same time last year.

Decreased swapping

The eclipse got accompanied by a 12% decrease in the number of users swapping Crypto back to fiat. MicroStrategy’s Michael Saylor has recently announced the purchase of another 271 BTC hours after Musk’s reversal on Bitcoin payments.


However, over $1 billion worth of Bitcoin is still on the Tesla balance sheet. The situation is drawing criticism from the industry observers who feel that Musk willing to profit from the coin though he deems it as environmentally hazardous. It is a clear sign of hypocrisy.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.